SS7E4 Analyze different economic systems Quiz

How do traditional economies typically determine production methods?

• Based on customs and traditions

• Through government directives

• By market competition

• Using advanced technology

What determines the type of economic system a country will have?

• How it answers the three economic questions

• The size of its population

• The level of its technology

• The amount of its natural resources

Which economic system is based on supply and demand?

• Traditional

• Command

• Market

• Mixed

What are all economic decisions based on in a traditional economy?

• Technology and innovation

• Customs, traditions, and beliefs of the past

• Government regulations

• Market demand

In a traditional economy, what do people typically make?

• New and innovative products

• What they always made and what their parents did

• High-tech gadgets

• Imported goods

How is the exchange of goods typically done in a traditional economy?

• Using digital currency

• Through bartering

• With credit cards

• By online transactions

Which group is mentioned as living in a traditional economy in Canada?

• The Inuit

• The Maori

• The Zulu

• The Navajo

Which of the following is not an example of a traditional economy?

• Inuit in Canada

• Aborigines in Australia

• Villages in Africa

• Silicon Valley in the USA

Who makes all economic decisions in a command economy?

• The Government

• Private Companies

• Individual Consumers

• International Organizations

What does the government determine in a command economy?

• Prices of goods and wages of workers

• International trade policies

• Environmental regulations

• Educational standards